Nike co-founder, wife pledge to match if $500 million raised for cancer research

By David Simpson, CNN

Updated 8:28 AM ET, Mon September 23, 2013

Phil Knight and his wife had previously given $100 million to back the Knight Cancer Institute at Oregon Health & Science University.

Story highlights

Phil Knight's announcement stuns backers of Oregon health university

Phil and Penny Knight promise $500 million if others put up same amount in two years

Couple made earlier gift of $100 million

University president: Gift will bring new treatments, earlier detection of cancer

Nike co-founder Phil Knight stunned backers of the Oregon Health & Science University's cancer institute by announcing he and his wife would put up half of a billion-dollar push for cancer research.

The $500 million gift from Phil and Penny Knight is contingent on the Portland university's ability to raise $500 million from other donors over the next two years.

Knight made the announcement at a Friday night gala for 400 top supporters of the university's Knight Cancer Institute, which the couple previously had backed with $100 million in 2008, said Dr. Joseph Robertson, president of the university.

"This was probably the biggest surprise of my professional life," Robertson said.

He said university leaders were already at work Saturday planning a national fund-raising campaign to match the Knights' gift.